Originally Posted by coop
As far as im aware once a third party (Dubai Holdings) had made a bid for one of the partners (Hicks and Gillett) shares in the company then the partner was obliged to offer his shares at the same value to the other partner.
Its a confusing way of saying if Dubai Holdings have made a bid for Gilletts shares then as part of the initial purchase agreement then Gillett has to offer Hicks his shares.
I get a feeling Tom Hicks is thinking of going down the way of court proceedings if he can manage to raise the funds.
Lets say for example Hicks manages to get outside investment and offers £200 million for Gilletts shares. Gillett has already said he wont sell to Hicks so therefore Hicks can try and take Gillett to court for been in breach of their agreement and he can prove he has the money available.
Whilst Hicks does not have the finance available then he can not down the route of court proceedings.
Dubai Holdings do not want it to go down the route of court action because this will purely drag out the situation and they want to ideally purchase the club asap so they can help the club in the summer and not let Liverpool FC suffer thanks to Tom Hicks.
This is only my personal opinion but i think if it looked like it was going to go to court then i wouldnt be surprised to Dubai Holdings pull out.
I dont know the reason why Dubai Holdings have not bought Gilletts shares not but it is obviously to do with the 'power of veto' installed into the contract the two agreed to when they purchased the club.
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Yep. Now GG said months ago it had been offered to Hicks, 1% and 49%/50%. As we know he doesn't have the money yet. The 90 day thing must come from a some sort of legal precedent (a previous case with similar facts), 90 days being a financial quarter and then, in the eyes of the court, a 'reasonable' time for Hicks to have raised the finance. My guess is
the agreement H&G had had no such mention of a 90 day limit.
The other thing is that even if Hicks does match an offer, G can still decide not to sell. Its his prerogative. So I think we are at a stalemate. Unless Hicks get squeezed financially, I think he'll hold on, unless of course GG is prepared to take him to court.
I can understand why DIC don't want to stick around for a court case. And H&G won't want it either, because of the cost.
So I think there's a stalemate. And I'm hopeful it will end in a win or DIC, I just can't see how its going to come about without a court case, and by the end of the summer.